State Adds Almost $600 Million To Rainy Day Fund

The $594.5 million dollar transfer increased the balance of the Texas Rainy Day Fund to $878.1 million.

Texas Comptroller Carol Keeton Strayhorn said the state should aim to
increase the balance to at least $3 billion.

That would total five percent of Texas' general revenue budget.

Lawmakers spent money from the Rainy Day Fund during the last regular legislative session, but Strayhorn said the unexpected surge in the natural gas severance tax has begun to restore the fund.

The Rainy Day Fund was created in 1987 as a savings account to
help offset fiscal instability during an economic downturn.

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